The business has long had an admirer in Questor, which views it as well-managed with good assets. But trading conditions have changed rapidly.

A year ago Fresnillo, the world’s biggest primary producer of silver, was enjoying the impact of silver’s strong run. This column put a hold recommendation on the stock, but advised readers to get ready to buy on any pullback in the silver price — which has certainly materialised.

Gold’s entry into a bear market — defined as a fall in the price of 20pc or more — may be grabbing the headlines, but the slide in the silver price is also dramatic. Silver was yesterday trading at around $23 an ounce, compared to its recent peak of $35 in October.

The two metals’ slides are of course not unrelated — gold and silver often move in tandem. Fresnillo also produces gold, so is again exposed to this latest fall in the “safe haven” metal’s price.

No wonder then, that investors were yesterday dumping their shares.

So does that represent a buying opportunity?

In March, the company reported that total annual revenues were relatively flat — just easing down by 1.6pc to $2.2bn (£1.4bn) – but that profit before tax had dropped more steeply, down by 24pc to $1.2bn as it faced rising costs.

Despite the fall in metal prices, there is no immediate respite in sight for miners in terms of their costs, which have long been rising across the industry and so squeezing margins.

Fresnillo has also had its own particular headaches to manage. It has had to mine lower grades of silver ore at its ageing flagship silver mine of the same name in Mexico — although this was expected, rather than a nasty surprise.

Still, its balance sheet has no debt, with its cash holdings standing at $613.8m at the end of last year. The total full – year dividend of 57.9 cents was, meanwhile, above market consensus.

Just over a year ago, this column was advising would – be buyers to wait, at a time when the shares were trading on an earnings multiple of 21.5 and yielded a prospective 2pc. Today, the shares trade on a multiple of 16.6 and yield a prospective 3.6pc.

Questor remembers its advice to keep an eye out for buying opportunities, but would also repeat the investment cliché of “never try to catch a falling knife”.

Until the silver price – and Fresnillo – find a floor, this stock has to stay a hold.